It is very rare that you can find an online tool that teaches you about the industry you want to get into. Intuit, in accord with DigitalRelevance, came up with an online tool that lets anyone calculate the real cost of their startup idea using data from Small Business Quickbook users. This is where data aggregation comes in handy. Intuit went through and analyzed tons of data about its users and how most small businesses faired in their industry.
Let’s say you want to start a bakery for morning pastries, then you would enter the industry you want to go into and the sub-type for your business. Then you would first select your industry, so in this case I would select Food Services and Drinking Places. Then I would select the state I want to run this business in. After that I need to tell it the type of setting I want this business to operate as which would be a retail store. The last part now I need to provide is the legal structure of my company along with the number of employees I expect to have in the first year.
If you are unsure what legal structure you this is best for your business then I would suggest looking into the different types and looking at the pros and cons. The nice part is that Intuit provides some help in understanding certain types of business structures. Be sure to look more into that so you can get a better picture of your business costs as you work through the planner.
The nice thing about this planner is that it compares your numbers to other people in your industry and will tell you where you stand, on average, compared to everyone else. You get the full view of your business in relation to the costs of other people’s businesses. You might find, that compared to the industry average, your projected costs are too high so you might need to find a way to lower them. This also helps if you think any quotes you are given are too high as well.
Take Your Time
This tool is designed for people who are serious about starting a business and want to know the real costs of starting any kind of company. It is important that you treat this website as part of doing your homework so you will need to put in a few hours to filling in everything. If you are reading this and thinking, “I don’t have a couple of hours to spare on something that doesn’t help get my business up and running,” then you really do not understand what it means to start a company and should rethink the whole idea.
Intuit has created this tool to make you really think long and hard about starting a company. It is better to put in all the hard work now so you understand the upfront costs you will have to deal with if you are serious. If you are not able to devote a few hours to learning about your business and industry, what makes you think you will be able to handle running day-to-day operations? You need to feel the pain, as least in some form, of sitting down and doing work, before you start signing legal tax forms that hold you accountable for very large things.
Make sure to read the first page very carefully. It will ask that you know how much your permits, if you need any, will be. You will to provide quotes for business insurance, taxes, licensing and more. For those serious about starting any kind of business they will view this as a very valuable resource that will open their eyes all upfront costs for their first year or so.
So when you are ready to get started. Just click on the link below and get to it.